Ross Stores, a California-based department stores chain, has reported 12% increase in revenues to $2.34bn for the second quarter ended 30 July 2012, compared to $2.08bn for the same period in 2011.
The company said that the same store sales for the quarter increased by 7%, compared to 5% growth in 2011.
Ross Stores posted 12% increase in sales to $709m for the four weeks ended 28 July 2012, compared to $635m for the same period in 2011. Comparable store sales for the period increased by 7%.
Besides, the sales for the six months ended 28 July 2012 increased by 13% to $4.69bn, compared to $4.16b in 2011. Comparable store sales for the period increased 8%, compared to 4% last year.
Ross Stores vice chairman and chief executive officer Michael Balmuth said that the company has seen a significant boost in its July and the second quarter results.
"These better-than-expected results demonstrate that our ability to provide a wide array of terrific name brand bargains continues to resonate with today’s value-focused shoppers, driving broad-based merchandise and geographic trends," Balmuth said.
"Based on our above-plan sales and gross margin in July, we now estimate earnings per share for the second quarter ended July 28, 2012 to be $.80 to $.81, compared to our previous guidance of $.77 to $.78."
"We will provide sales and earnings guidance for the third and fourth quarters with our second quarter earnings release and conference call on Thursday, August 16th."
The Pleasanton-based company operates Ross Dress for Less, an off-price apparel and home fashion chain in the US with 1,072 locations in 33 states, the District of Columbia and Guam.
The department store chain also operates 102 dd’s DISCOUNTS in eight states of the US featuring a moderately-priced assortment of apparel, accessories, footwear and home fashions.
